Are Minority Blocks in Public Companies Worth One-Third More or One-Third Less?

Peter W. Gavian, ASA, CFA, is president of Corporate Finance of Washington, Inc., Vienna, Virginia. He is a trustee and a member of the investment policy committee of the Calvert Group of mutual funds and a member of the Capital Formation Committee of the Northern Virginia Technology Council. He holds an MBA from Harvard Business School and is first vice president of the Washington, D.C. Chapter of the American Society of Appraisers.